By: Abba Onyekachukwu, Abuja.
The 16th Meeting of the National Council on Industry, Trade and Investment has brought together national and sub-national stakeholders to drive Nigeria’s economic diversification through coordinated industrial, trade, and investment strategies, according to a press statement from Dr Adebayo Thomas Director Press and Public Relations Federal Ministry of Industrial, Trade and Investment FMITI on Wednesday.
The council, themed: “Accelerating Diversification by Leveraging Industry, Trade and Investment for Shared Prosperity,” aims to transform Nigeria’s mono-product economy through sustainable industrial growth, technological innovation, and inclusive investment policies.
On the key resolutions, the council resolved to: Harness technology and to overcome cumbersome processes and manual export documentations for digital trade facilitation and Ease of Doing Business in Nigeria; Deepen support for MSMEs, through improved access to finance, formalization strategies, and targeted capacity-building programs.
Others are to: Develop industrial clusters, Special Economic Zones (SEZs), and Free Trade Zones to attract private sector investment and promote national and regional industrialization; Strengthen data governance, competition frameworks, and public-private partnerships to support innovation, enterprise growth, and sub-national industrial policy implementation.
The council also emphasized the need for concrete implementation and collaboration among federal, state, and non-state actors to ensure the success of industrial, trade, and investment programs across Nigeria. The Federal Ministry of Industry, Trade and Investment (FMITI) was urged to work with agencies like NEPC and SMEDAN to formalize small businesses and promote inclusive finance models.
The council, however, adopted a data-driven approach to monitoring industrial performance and called for the protection of intellectual property rights and sustained implementation of Ease of Doing Business reforms. The meeting was adjourned to a date and venue that will be communicated to members in due course.
The 16th National Council on Industry, Trade and Investment marks a significant step towards accelerating Nigeria’s economic diversification and industrial growth. With a focus on implementation and collaboration, stakeholders are optimistic about the potential for sustainable economic development and shared prosperity.